The class of 2012 has an average debt of about $29K

The average debt load of the class of 2012 is $29,400, which is up from $26,600 in 2011.

Stagnant family incomes as well as increasing tuition fees are to be blamed for this rise. The research director of the Institute for College Access and Success said the economy is a "double-edged sword in many ways" since people have "fewer resources to pay for college costs, which may lead them to take on more debt." Moreover, the same students enter a down economy so it's hard for them to get good jobs and pay off the debt.

The institute found a big difference in the debt loads while comparing states and colleges. Reports suggest that Eastern states tend to have the highest student debt and New Mexico students had the lowest.